Running payroll can be a nightmare for small businesses. Business owners have increasing pressures on their time and there is a growing need for them to have knowledge of all aspects of their business.
Payroll compliance is also becoming more and more complex with the introduction of workplace pensions, constant increases in the national living wage and real-time reporting to HMRC. This demands more and more time from the business owner.
Many small business owners prefer to ask their accountant to prepare their payroll for them. Payroll services take away the hassle and free up time for owners to work on the business, not in the business.
What payroll companies can provide you with:
- Keeping track of important employee tax information
- The handling of special payment circumstances in compliance with HMRC, such as disability, employment, and family leave
- Helping your company to track attendance and paid time off (PTO) among employees
- Helping employees to view and update their information such as pensions, insurance and benefits
- The collection, processing and sending of important data and forms
The advantages of this are:
- Peace of mind that regular deadlines will be hit without worry
- Frees up hours of valuable time each week or month
- Ensures optimal compliance with HMRC
- Software can be utilised to its full potential to save time for both employees and business owners
- Full integration with accounting software
- Reduction in the risk of errors
- In-depth reporting and analysis if required
- Full support from qualified and experienced professionals
All in all, having a company to manage your payroll can be extremely beneficial for businesses small and large, as it allows you to direct attention away from admin and instead focus on growth and success.
Get in touch today for a no-obligation payroll services quote that will enable you to focus on what is important to you.